Occidental Petroleum Corporation
NYSE: OXY22Laggard· ProvisionalUS Permian Basin oil producer that markets its Oxy Low Carbon Ventures direct-air-capture subsidiary as a climate credential while continuing to expand fossil production and pursuing the acquisition of CrownRock.
Ownership
Owns
- 1PointFive· subsidiaryvia sec.gov
Related
- NET Power· investmentvia sec.gov
Why it's on ClimateTicker
Occidental Petroleum is a major U.S. Permian Basin oil and gas producer that has positioned its 1PointFive/Oxy Low Carbon Ventures direct-air-capture subsidiary as evidence of a credible net-zero pathway, but independent analysts and Carbon Market Watch describe its DAC-centric strategy as a 'costly fig leaf for business as usual' that allows continued fossil fuel expansion rather than genuine decarbonization. The core business remains overwhelmingly dependent on oil and gas revenues, and the company completed a $12.4 billion acquisition of CrownRock in 2024 that materially expanded Permian Basin production — moving in the opposite direction of a 1.5°C-aligned transition.
Commitments & Certifications
Controversy & Greenwashing Watch
Environmental groups and analysts criticize Oxy's use of captured CO₂ for enhanced oil recovery (EOR), arguing it primarily serves to produce more crude oil rather than achieve genuine carbon sequestration.source ↗
Oxy CEO Vicki Hollub stated at an industry conference that DAC technology gives the oil industry a license to continue operating for 60–80 more years, drawing widespread criticism from scientists and environmentalists as explicit confirmation that DAC is being used to justify fossil fuel expansion.source ↗
1PointFive's own president stated in late 2025 that direct air capture 'is not bankable now,' casting doubt on the commercial and financial viability of the technology underpinning Oxy's entire net-zero strategy.source ↗
In the 2025 sale of OxyChem to Berkshire Hathaway, Occidental retained environmental liabilities for OxyChem's legacy contaminated sites, indicating a material unresolved environmental remediation burden.source ↗
Oxy closed the $12.4 billion CrownRock acquisition in August 2024, materially expanding Permian Basin oil production capacity by ~170 Mboe/d, directly contradicting any credible 1.5°C-aligned transition plan.source ↗
Carbon Market Watch and DeSmog analyses characterize Oxy's DAC-centered net-zero strategy as a 'costly fig leaf' that enables continued fossil fuel expansion rather than genuine decarbonization, and the company did not respond to researcher requests for clarification.source ↗
Shareholders filed a 2024 proxy proposal citing Oxy's failure to fully disclose third-party lobbying and dark money spending, raising concerns about undisclosed policy influence activities that may conflict with its stated climate commitments.source ↗
Oxy is named by Climate Action 100+ as one of the largest global emitters whose capital allocation and production expansion plans are not aligned with limiting warming to 1.5°C.source ↗
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